/Investor DB

ScaleFund

Venture capital

Brussels · Seed–Series A · 14 people tracked

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Investment thesis

ScaleFund invests from seed to Series A in companies driving digital transformation, deeptech, and cleantech, typically backing businesses once the product is live and traction is building. The firm leads rounds with tickets from roughly €100K to €1M, looking for committed complementary teams, early signs of revenue or usage growth, a clear plan toward Series A, scalable international-ready models, and openness to hands-on support. ScaleFund takes a concentrated approach, backing only a few companies with full focus, structuring rounds, supporting operations, and staying involved for the long run. It draws on a European network of over 500 investors, venture partners, and C-level executives to support its portfolio.

Source: firm website, verified Oct 26, 2026.

Stage
Seed–Series A
Check
$100K – $1M
HQ
Brussels, BE
Leads rounds
Leads
Instruments
Equity
Founded
2017
Last 12 months
1 investment
AUM
$10.8M
Tracked investments
16

Team · 14 people

from the firm's website & public directories
Claire Munck· Founder & Managing Partner ScaleFund I, II & IIIin

Founder of the ScaleFund series and CEO of BeAngels, Belgium's leading angel investment network. She co-founded Business Angels Europe and the Global Business Angel Network, and serves on several startup and scale-up boards.

Gauthier van der Elst· Partner ScaleFund I, II & IIIin

Experienced in venture capital, M&A, and financial management, with a background in banking, auditing at PwC, and corporate integration at Solvay-Rhodia. He serves on multiple startup boards.

Paul Risopoulos· Principal ScaleFund IIIin

Brings a background in private equity and strategic consulting, previously at Vendis Capital and Roland Berger. He focuses on growth-stage investments and SME development.

Thomas Pav· Principal ScaleFund IIIin

A former operator turned business angel with operational roles and investments across North America, Europe, and Africa. A former COO and Chief of Staff, he has advised dozens of startups, with expertise in blockchain, asset management, and digital transformation.

François Torche· Venture Partnerin

Co-founder of CluePoints, where he served as CEO until 2022 before becoming Chief Product & Technology Officer and later Strategic Advisor. He previously held technical and data roles at GlaxoSmithKline, UCB, and IDDI, with focus on digital transformation, data analytics, and life sciences product strategy.

Frédéric Levy· Venture Partnerin

CEO of Look&Fin, a European crowdlending platform, and former manager of venture capital at EEBIC Ventures. He has experience in corporate finance, M&A, and fundraising, and taught Entrepreneurial Finance at Solvay Business School.

Gerrit Dubois· Venture Partnerin

Responsible Investment Specialist at Degroof Petercam Asset Management, focused on integrating ESG and climate risk into investment strategies. He previously worked at ERM on environmental due diligence and sustainability reporting.

Leen Segers· Venture Partnerin

Managing Director at ForsVC and a tech entrepreneur focused on immersive technologies and diversity. She co-founded LucidWeb, was COO of Tech.eu, and co-founded Women in Immersive Technologies Europe.

Nicolas Lair· Venture Partnerin

Co-founder and CTO of Svaito and Wellnest, blending technology and creativity. Based in Portugal, he works across tech and music and previously built Flash and HTML5 solutions at Captiv8 and Nine.

Olivier Gillin· Venture Partnerin

Chief Product Officer at Haulogy and a mentor at imec.istart and Rockstart, with deep SaaS and digital product expertise. He previously led product teams at BePark, LetsBuild, and Take Eat Easy.

Olivier Verdin· Venture Partnerin

CEO and co-founder of AppTweak and co-founder of Wooclap. His first company, 87seconds, was acquired by Datawords in 2018. He is a Strategic Board Member at BeAngels and teaches entrepreneurship at Solvay Brussels School.

Thierry Pineau· Venture Partner

CEO at DFMH, focused on manufacturing and supply chain.

Wim Peeters· Venture Partnerin

VP of Business Development at EcoVadis with expertise in sustainable finance and IT, having advanced work in private equity and sustainability-linked loans. He also helped grow CyberVadis and advised Greenomy.

Xavier Pansaers· Venture Partnerin

An executive with 20+ years in governance, strategy, and growth. He co-founded Govrn, is VP at Easyvest, and formerly held CRO and COO roles at Odoo and Proxyclick.

What they invest in

from 7 of 16 portfolio companies

AI & Machine Learning ×4Cybersecurity ×3Enterprise Software ×3SaaS ×3Developer Tools ×2Fintech ×2Future of Work ×2Deep Tech ×1

HQs:Spain×1Luxembourg×1

Investments · 16 tracked

founders shown can be your intro path
ANote Musicanotemusic.com

ANote Music operates an online platform where individuals and professional investors can buy, sell, and earn income from shares in music royalty catalogues that have passed financial and legal due diligence.

FintechMarketplacesMedia & Entertainment

Co-investorsAcme Innovation

Duelyduely.ai

Duely is a technology company that performs M&A legal work — including data room preparation, due diligence, transaction document drafting (SPA, APA, carve-outs, cross-border mergers), signing, and post-closing tasks — using its own agentic AI tooling with legal experts standing behind each deliverable.

AI & Machine LearningFintechLegalTech

Co-investorsGolden Egg Check Capital B.V

Passboltpassbolt.cominJan 2025 · $8M

Passbolt is an open-source password manager designed for IT teams to securely store and share credentials like passwords, SSH keys, and API tokens at scale.

CybersecurityDeveloper ToolsEnterprise SoftwareLuxembourg, LU

Kevin Muller(Founder)in

Co-investorsAirbridge Equity PartnersExpon CapitalSeeder Fund

Wegrowwegrow-app.cominJan 2025

Wegrow is a platform that enables organizations to share, discover, and scale proven best practices across teams and regions.

AI & Machine LearningEnterprise SoftwareFuture of WorkSaaS

Arnaud Sliwa Bliset(CEO)

Co-investorsAurum Venture PartnersNauta CapitalVU Venture PartnersWille Finance

Wodanwodan.aiin𝕏

Wodan applies advanced cryptography to enable secure collaboration and data sharing without sacrificing privacy.

AI & Machine LearningCybersecurityDeep TechMadrid, ES

Bob Dubois(CEO)inManuel Perez Yllan(CTO)in

Co-investorsAdara VenturesSwanlaab Venture Factory

Wooclapwooclap.comin𝕏

Wooclap builds interactive teaching and learning tools, grounded in neuroscience principles, designed to engage learners and improve knowledge retention.

AI & Machine LearningEdTechFuture of WorkSaaS

Sebastien Lebbe(Founder)inBaudouin CORMANin

Co-investorsImpact Expansion Management Sarl

XFAxfa.techin𝕏Dec 2025

XFA provides device security and endpoint compliance solutions for organizations, enabling visibility into devices accessing business platforms and enforcement of security policies across enterprise, technology, healthcare, fintech, education, and other sectors.

CybersecurityDeveloper ToolsEnterprise SoftwareSaaS

Lars VeelaertinGijs Van Laerin

Co-investorsCuriosity VCSeeder FundPMV

Other

Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.

DgeniousFeedelityIonnykJeudiMerciMoonbirdNakiOptisuiteResortecsVisuary

Portfolio news

latest coverage across their companies

Frequently asked questions

How many investments has ScaleFund made?
ScaleFund has 16 tracked investments, including 3 dated in the last 24 months.
What stage does ScaleFund invest at?
ScaleFund invests at the Seed, Series A stages.
What is ScaleFund's typical check size?
ScaleFund typically writes checks of $100K – $1M.
What sectors does ScaleFund focus on?
ScaleFund focuses on Cleantech, Consumer, Cybersecurity, Deep Tech, EdTech, Fintech, Hardware, Healthtech, LegalTech, Marketing Tech, PropTech, Retail Tech, SaaS, Sector Agnostic.
Where is ScaleFund located?
ScaleFund is headquartered in Brussels, BE.
Does ScaleFund lead rounds?
Yes, ScaleFund leads investment rounds.
Who does ScaleFund co-invest with?
ScaleFund most often shares deals with Seeder Fund, Adara Ventures, Curiosity VC, among 11 tracked co-investors.

Images

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